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Thirty-five microfinance companies have no records despite over 250,000 GH claims ₵
Eric Nana Nipah, the Receiver of the Microfinance Companies and the Savings and Loan and Finance Companies whose operating licenses were revoked last year says he has no records of 35 of the affected companies that have depositors claims worth approximately GHC252 million.
In a notice to the general public on Monday, August 31, 2020, Mr. Nipah said that he was working with the Economic and Organized Crime Office (EOCO) to locate and retrieve records in order to validate and settle claims of the depositors of the 35 companies. .
Resolved companies
According to the figures published by the Receiver, a total of 370 companies (comprising 347 microfinance companies and 23 savings and loan companies and finance houses) were resolved with 157 of the affected companies not operating, some of which stopped operating a lot. before the BoG revoked their licenses.
“In conducting the resolution of these companies, an important challenge that the Receiver has faced with some of the non-operating companies has been in the area of securing the books and records of these companies, both manual and electronic,” said the receiver. in a news.
Breakdown of Depositors Claims
“At the beginning of the resolution process, there were 157 non-operating companies whose books and records we could not locate and secure. According to the collaboration agreement we have with the Economic and Organized Crime Office (” EOCO “) that includes asset tracing and investigations Over time, we have been able to recover books and records of 131 resolved entities that were not operational at the beginning of the resolution of these companies, which allows us to be able to validate the claims of creditors on these institutions.
“Currently, there are 35 resolved companies with depositor claims worth approximately GHC252m that do not have books or records available to us that would allow us to validate and settle these claims under the Depositors Payment Scheme. We are working with EOCO to locate and recover these companies registers to be able to validate and settle the claims of the depositors of these companies “.
Background
In accordance with article 123 (1) of the Law of Banks and Specialized Institutions in Receiving Deposits of 2016 (Law 930) (“the Law”), on May 31, 2019 and August 16, 2019 the Banco de Ghana (“BOG”) revoked the operating licenses of 347 microfinance companies and 23 savings and loan companies and finance companies, respectively, and pursuant to section 123 (2) of the Act, Eric Nana Nipah was appointed, director of PricewaterhouseCoopers Ghana Limited (“PwC”) as Receiver for the purposes of liquidating the affairs of these companies.
The Receiver’s mandate under Section 127 (3) of Act 930 is to maximize the realization of assets for the benefit of creditors, including Depositors, as well as to settle the company’s obligations to its body of creditors to the extent possible.
In the performance of his duties, the Receiver took control of the facilities of these resolved companies and, in the process, insured the assets and liabilities of these companies, as well as their books and records to the extent possible.
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